Biogen settles legal disputes 12-29-98

CBS.MarketWatch.com

CAMBRIDGE, Mass. (CBS.MW) --Shares of Biogen Inc. inched higher Tuesday after the biopharmaceutical company reported that it resolved several legal disputes for an undisclosed amount of money.

Biogen (BGEN)
bgen
, known for its multiple sclerosis drug Avonex, said Asta Medica of Frankfurt, Germany dropped its lawsuit against the Cambridge, Mass.-based company.

The dispute related to a terminated 1989 agreement among Biogen, Asta and Bioferon. In the pact, Asta had obtained a license to certain property rights related to recombinant beta interferon for several European countries.

Bioferon was a former joint venture between Biogen and Rentschler Arzneimittlel GmbH & Co., of Laupheim, Germany.

Upon dismissing the legal suit, Asta released Biogen from all claims related to the 1989 deal.

As part of the settlement, Biogen said it paid an undisclosed amount to Asta. See the press release.

Biogen said the net impact of the two events will not be "material."

"I am pleased that these matters will no longer be distractions, and that we can continue to focus on bringing new breakthrough products to the market," said Biogen CEO James Vincent in a statement.

Biogen shares were up 5/8 to 79 1/4.

The company also reported that it was dismissed as a defendant in a lawsuit filed against CVS (CVS)
CVS, +0.34%
and a number of pharmaceutical companies for alleged violations of privacy rights in connection with certain marketing practices.

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